(Reuters) -Phillips 66 will promote its 49% non-operated fairness curiosity in Coop Mineraloel AG to its Swiss three way partnership associate for $1.24 billion, the U.S. refiner mentioned on Monday.
The three way partnership operates 324 retail websites and petrol stations throughout Switzerland.
“This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,” Phillips 66 (NYSE:) CEO Mark Lashier mentioned in a press release.
The corporate mentioned it will obtain $1.17 billion as gross sales value and $70 million as assumed dividend for the present yr to be paid at or previous to closing.
Phillips 66 had mentioned final yr it will monetize $3 billion in non-core belongings in 2024 as a part of a plan to spice up returns by reducing prices and belongings.
The corporate final month offered its gathering and processing belongings in East Texas to Voyager Midstream.
Earlier this yr, it agreed to promote 25% stake within the Rockies Pipeline, which would supply it $685 million in after-tax proceeds.
The refiner mentioned on Monday proceeds from the transaction, which is anticipated to shut within the first quarter of 2025, “will support the strategic priorities of Phillips 66, including returns to shareholders.”
